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the administrative record. The exhibits referred to in the
supplemental stipulation include petitioners’ income tax returns
for 1998 through 2001; two orders by the U.S. District Court for
the Northern District of Georgia in the case of SEC v. Phoenix
Telecom, LLC that are dated in August 2000; the opinion rendered
in the case of SEC v. ETS Payphones, Inc., 300 F.3d 1281 (11th
Cir. 2002); an order by the U.S. District Court for the Middle
District of Florida in the case of William & Hazel Barclay v.
Phoenix Telecom, LLC that is dated in October 2002; a listing
agreement between petitioners and Century 21 Sunbelt Realty, Inc.
for the sale of the Cape Coral property that is dated in
September 2002; an appraisal of $2,900,000 for the Cape Coral
property that is dated in October 2002; three different
advertisements for the Cape Coral property that are dated between
December 2002 and August 2003; and a marketing service report for
the sale of the Cape Coral property that shows activity through
August 1, 2003. Respondent also objected to the testimony
offered by Clawson at trial. The Court noted respondent’s
objection but allowed testimony to proceed.
Respondent contends that we should not consider the
supplemental stipulation, the trial testimony, or any other
matters that were not presented to Luhmann because they are not a
part of the administrative record in this case. For the reasons
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